Short answer
Mirum Pharmaceuticals, Inc. (MIRM) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $521M (+54.7% year over year) and net income of −$23M.
- Top risk flagged: Regulatory risk CREATES Act compliance, sample provision obligations for generics under December 2019 law
FY2025 key financial metrics · XBRL
- Revenue
- $521M
- +54.7% YoY
- Net income
- −$23M
- +73.4% YoY
- Operating margin
- -4.2%
- +21.8 pp YoY
- EPS (diluted)
- −$0.47
- +74.6% YoY
- ROE
- -7.4%
- +31.6 pp YoY
- Operating cash flow
- $56M
- +440.7% YoY
Source: XBRL data from the Mirum Pharmaceuticals, Inc. (MIRM) FY2025 10-K on SEC EDGAR. USD.
Mirum Pharmaceuticals, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core biopharma focused on rare diseases with three approved medicines: Livmarli, Cholbam, Ctexli
- Acquired asset portfolios in 2023-2026: Travere’s bile acid medicines and Bluejay’s brelovitug for hepatitis D treatment
- Strategic expansion into chronic HDV with brelovitug advancing in global Phase 3 AZURE program, topline data expected H2 2026
- Livmarli approved in multiple countries for ALGS and PFIC; pursuing expanded indications with EXPAND Phase 3 study (results Q4 2026)
- Brelovitug Phase 2 showed 100% virologic response at 48 weeks, granted FDA Breakthrough and EMA PRIME designations
Risk Factors
- Regulatory risk CREATES Act compliance, sample provision obligations for generics under December 2019 law
- Geopolitical/macro exposure in EU and U.S. orphan drug exclusivity potentially shortened by EU legislative proposals
- Operational risk integration of Bluejay assets/employees critical to brelovitug development, potential disruption if integration fails
- Competitive risk several companies including Shionogi and Harmony Biosciences developing therapies for fragile X syndrome
- Financial risk dependence on key personnel amid fierce competition for talent in Foster City, CA with 369 full-time employees
Generated from the filing text; verify against the original. How to read a 10-K
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